Marina Bay Sands posts best quarter in casino hotel history

Las Vegas Sands’ Marina Bay Sands property in Singapore delivered a record USD806 million in adjusted property EBITDA for the fourth quarter of 2025. The result, announced during the recent fourth-quarter earnings call, came at a 50.3% margin.

The 4Q25 figures reflected strong mass gaming and exceeded seasonal norms, Las Vegas Sands management said.

Commenting on the $806 million EBITDA at the Singapore property, LVS chairman, CEO, and treasurer Robert Goldstein remarked that the fourth quarter was “simply the greatest quarter in the history of casino hotels.”

Mass gaming and slot wins hit $951 million in the quarter. That marked a 118% jump from Q4 2019 and a 27% rise from Q4 2024. The hold impact added $45 million above normalized expectations for the period.

For full-year 2025, MBS posted $2.92 billion in adjusted property EBITDA. That was up 42.4% from 2024 on revenue of $5.59 billion, a 32.2% increase.

“We exceeded $2.9 billion in EBITDA this year,” Goldstein remarked. “Of course, we are delighted with the results and look forward to more this year.”
Goldstein praised the property, stating, “There has never been a building, to my knowledge, that delivered these types of results.”

He described Singapore as “an extraordinary market” in which Sands has built the product to maximize the opportunity. “The question is how much further we can go in the next two years,” he added.

Last July, LVS broke ground on its $8 billion MBS expansion, known as IR2. Construction is estimated to last until June 2030, and its opening is set for January 2031, per company filings. NS